256: Who’s Really Getting Ahead in India’s Economy? | Saurabh Mukherjea (Manager, Marcellus Invest)

In this episode of Bharatvaarta, Roshan talks to Saurabh Mukherjea for an in-depth discussion on India's economic prospects, the transformative impacts of political and economic policies over the last two decades, and the rising number of new DMAT accounts. They explore the key themes from Saurabh's book 'Behold the Leviathan', touching on India's macroeconomy, market investing strategies, and the socio-economic shifts impacting the nation. The conversation delves into the consequences of educational and healthcare investments, the disparity between the North and South, and the evolving entrepreneurial ecosystem. Additionally, they discuss the impact of digital public infrastructure and direct benefit transfer schemes, and the future challenges and growth potential of India's middle class. Saurabh also provides valuable investing insights, shares personal anecdotes, and reflects on the importance of adaptability in the rapidly changing economic landscape. Topics: 00:00 Sneak Peak 00:51 Introduction 01:53 Capitalism vs. Socialism in 1947 03:01 The Impact of Education and Policy Choices 05:54 Digital Public Infrastructure and Political Vision 07:40 The Rise of Women and Non-Elite Entrepreneurs 11:14 Challenges and Opportunities in the Indian Economy 17:27 Direct Benefit Transfers and Welfarism 21:58 Formalization and Access to Credit 26:02 Economic Growth and Income Inequality 34:30 Challenges to India's growth 39:30 Lessons from China and the Role of AI 46:33 Policy Interventions and Future Growth 49:39 Employment Linked Incentives (ELI) 50:37 Role of Conglomerates in India's Economy 53:17 Rise of Challenger Companies 57:23 Investing in the Indian Market 01:09:10 Principles of investing 01:18:42 Personal Insights and Reflections